NAB winds up SPRE case after receiving last installment




The National Accountability Bureau (NAB) Lahore director general has solved the Saudi Pak Real Estate (SPRE) Vs Divine Developers Private Limited (DDPL) case through plea bargain and handed over Rs 110 million cheque to an official of the Saudi-Pak Real Estate.

A spokesman said here on Monday that SPRE had contacted NAB Lahore, seeking investigation against Muhammad Amjad Aziz, chief executive officer of the Divine Developers (Pvt) Limited for inflicting a loss of Rs 345.38 million on it through criminal breach of trust.

According to the project agreement between the two, the SPRE purchased 30 kanal land for Rs 108 million and engaged the DDPL to design and construct housing units for an additional consideration of Rs 205.30 million. The latter gained stay to fulfill the agreement and caused a loss of Rs 345.38 million to SPRE.

NAB Lahore took action against the accused and recovered Rs 345.38 million through plea bargain in installments and returned the last amount of Rs 110 million to SPRE on Monday.